LG Wing

LG may announce its plan to exit the mobile phone business next week

It’s been a long time since reports of LG leaving the mobile business were all over the internet. While LG hasn’t officially announced anything yet, a news report from the Korea Times reports that LG will make the announcement as early as next week. In fact, rumors have it that April 5th is the date LG plans to shut down its mobile phone business. Also Read – Diwali 2022: Buying an Air Pollution Mask? Check out these options

LG previously tried to sell its business to another entity but negotiations ultimately failed. The report says that LG will hold its board of directors meeting to decide the fate of its mobile business and make an official announcement on April 5. The company will transfer its resources and employees to other business units. Also read – LG Electronics is getting into the electric vehicle charging business

LG may announce its closure early next week

“LG has considered several options such as selling, splitting sales or withdrawing from the smartphone business, but has recently decided to withdraw from the business,” the report states. Also Read – LG OLED 2022 Smart TV Series Launched in India with Starting Prices of Rs 89,990

LG has been struggling in the mobile business for the past few years, competing with its Korean giant and rival Samsung. Despite the company’s best efforts to bring new innovations to the smartphone space with unique concept devices, LG has not been able to sustain itself.

LG suite

However, the company has found a strong foundation in other electronics categories such as home appliances and televisions. The COVID-19 pandemic has helped LG see increased demands in these segments, which is what prompted LG to revalue its shares. LG has also explored investing heavily in the electric vehicle business. Last December, it teamed up with auto parts maker Magna International to make electric motors, onboard chargers and inverters for electric vehicles.

LG has so far denied making any comment on the matter related to its business closure. There is nothing to comment on. All we can say is that all possibilities are open. Although we can’t confirm this at this time, we will announce the specific direction of our mobile communications business, an LG spokesperson said in the report.

Some of Lg’s recent forays into the premium smartphone segment include the LG Wing, LG Velvet, and LG G8X Dual Screen. LG’s booth explored the concept of a rotating screen that gives way to a smaller secondary screen; All in an effort to improve multitasking. It also features a gimbal position for the main camera system.

LG Velvet was a design-driven experiment that reached many markets in 4G and 5G flavours. India got a 4G variant and it’s based on the older Snapdragon 845 chip. LG launched it with the Dual Screen accessory as well. LG G8X Dual Screen was last year’s flagship offering in one during Flipkart’s Big Billion Days Sale in 2020.